Chevron Australia awarded a $400 million contract last month to General Electric (GE) for the world’s largest carbon capture and storage (CCS) project off the West Australia coast’s Gorgon natural gas field.

Chevron estimates the CCS project will sequester four times more carbon than any other project. The project is a joint operation with the Australian subsidiaries of ExxonMobil and Shell, and is estimated to cost about AUD$43 billion for first phase of development.

The Gorgon field is believed to contain about 40 trillion cubic feet of gas, about eight percent of the current global capacity...

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Our opinion:

It seems, some players in the field still didn't quite get the message about just why the carbon based economy is everything else than sustainable. Why, one might wonder, do ExxonMobil and Shell spend an awful lot of money on this development (with all the risks associated with it) if the technology in the field of capturing renewable energy from powerful existing sources (sun, wind, water) is evolving so fast and making very good progress. Australia is the last of any country that suffers from shortage of solar power - and it has the space for it, too.

Picture credit: FEI